The Asia Pacific Internet of Cars Market size is estimated at USD 42.24 billion in 2024, and is expected to reach USD 125.89 billion by 2029, growing at a CAGR of 24.41% during the forecast period (2024-2029).
Vehicles nowadays are outfitted with a variety of electronics and technology. However, considerable technical advancements over the last decade have resulted in connected cars being used, and this trend is projected to continue.
The Asia-Pacific Internet of Cars market is moderately consolidated with different players. As the demand for connected systems and the Internet of Things are growing in the region, car manufacturers are trying to have an edge over their competitors by making joint ventures and partnerships and launching new products with advanced technology. This includes laying down the network foundation for the expected features and technologies to be introduced in the automotive industry. Some key market players include
In June 2022, Nippon Telegraph & Telephone Corporation's data subsidiary partnered with Toyota Motor Corporation to develop connected cars to collect and share data. NTT Data Corp. would actively consider mergers and acquisitions to push into overseas markets, spending as much as 400 billion yen (USD 3 billion) for deals over the next four years.
In May 2022, Chiratae Ventures led a seed round of USD 1.7 million for India's first firm producing inexpensive, fully self-driving cars. JITO Angel Network, a few top executives from American chipmaker NVIDIA, and US-based car-hailing firm Lyft, which competes with Uber, also attended the round. Minus Zero intended to use this funding to expand its staff and establish substantial autonomous vehicle research and development (R&D) infrastructure to have its first vehicle on the road by late 2022 to early 2023.
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